Square to acquire Afterpay for $29bn as ‘buy now, pay later’ booms
Monday - 02/08/2021 11:03
Jack Dorsey’s deal in fast-growing fintech sector is largest in Australia’s history
Payments company Square has reached a deal to acquire Australian “buy now, pay later” provider Afterpay in a $29bn all-stock transaction that would be the largest takeover in Australian history.
Square, whose chief executive Jack Dorsey is also Twitter’s CEO, is offering Afterpay shareholders 0.375 shares of Square stock for every share they own — a 30 per cent premium based on the most recent closing prices for both companies.
Melbourne-based Afterpay allows retailers to offer customers the option of paying for products in four instalments without interest if the payments are made on time.
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